Business | Oil & Gas
Falling oil price is an alarm bell - Ghazavi
The falling oil price is an "alarm bell" for Iran, the world's fourth-largest crude producer, a senior central bank official said in comments published on Sunday.
- Reuters
- Published: 00:02 October 13, 2008
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Tehran: The falling oil price is an "alarm bell" for Iran, the world's fourth-largest crude producer, a senior central bank official said in comments published on Sunday.
Deputy Central Bank governor Hossein Ghazavi, echoing the comments of other Iranian officials, also said the financial crisis sweeping the world would only have a limited impact on Iran's economy, the business daily Donya-e-Eqtesad reported.
"Falling oil prices have a considerable risk and these days the falling price of this strategic product is like an alarm bell that is ringing," the newspaper quoted Ghazavi saying after oil prices fell more than 10 per cent on Friday.
Oil touched 13-month lows on Friday in a global flight from risk amid concerns of a worldwide recession and further signs of slumping energy demand.
On Friday, US crude plunged $8.89 to settle at $77.70 a barrel, the lowest levels since September 10, 2007.
OPEC meet: Move to cut output
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Iran will push for a cut in oil output at an Opec emergency meeting in November, its oil minister said in comments published on Monday.
"At this meeting our country's request (for the Organisation of Petroleum Exporting Countries) to cut production and the members' crude quotas will be submitted," Oil Minister Gholamhossin Nozari told Poul daily.
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